Orlando-based Aviana Molecular Technologies Receives Follow-on Funding

Wednesday, March 8, 2017 General News
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GAINESVILLE and BOCA RATON, Fla., March 8, 2017 /PRNewswire-USNewswire/ -- The Florida

Institute for the Commercialization of Public Research (the Florida Institute) announced today that Aviana Molecular Technologies, LLC, an Orlando-based point of care (POC) diagnostics company with technology
licensed from the University of Central Florida, received follow-on second round financing after achieving significant development milestones since its initial funding. The Florida Institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.

Aviana is developing miniaturized biosensors capable of attaching to a smartphone/smart device through Bluetooth or other wireless connections. The company received initial funding from the Institute through its Florida Technology Seed Capital Fund in September 2015 and since then has closed $1.3 Million in additional investment from angels, consisting primarily of physicians. Aviana has hired additional employees, and completed initial functioning systems development. The capital raised will allow the company to optimize the system and obtain preliminary data on biological markers of interest.

"Our mission is to provide highly sensitive and specific diagnostic capability to anyone with a smart device: physician, medical technologist, patient, public health worker while connecting seamlessly (with adequate protections) to the internet," said Vanaja V. Ragavan, MD, Aviana's President and Chief Executive Officer. "Recent investments will allow us to continue development and expand our sensors for monitoring human health. We plan on working towards milestones that will allow us to obtain follow on funding for a full development of our technology." 

"Aviana's technology is simple, adaptable, and potentially can be used as a point of care diagnostic platform for any number of biomarkers or infectious agents," said Jackson Streeter, MD, Florida Institute Chief Executive Officer. "The Institute looks forward to supporting Aviana as they continue to develop this cutting-edge technology."  

About the Florida Institute

Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida's state universities and private research institutions to leverage a $2.5B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. With funding from the State of Florida through the Department of Economic Opportunity, and through the generosity of mentors, advisors and donors, the Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups. Sixty-four companies have been funded to date, and the Institute's economic impact through June 30, 2016 in the State of Florida was $630 million

About Aviana Molecular Technologies

Aviana Molecular Technologies is a point of care (POC) diagnostic company developing a miniaturized biosensor capable of attaching to a smartphone/smart device through Bluetooth or other wireless connections. The company's diagnostic system is a simple-to-use, potentially highly sensitive diagnostic platform that can accurately, within 10 -20 minutes, detect a target infectious disease, biomarkers or proteins in both clinical (human and animal) and scientific research settings. Aviana's biosensor platform uses the latest developments in cellular communications, semiconductor electronics, micro-fluidics and manufacturing methods to create a unique point-of-care diagnostic (POC) platform to detect biomarkers or infections.

CONTACT:Jane TeagueChief Operating OfficerInstitute for the Commercialization of Public [email protected]

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/orlando-based-aviana-molecular-technologies-receives-follow-on-funding-300420268.html

SOURCE Florida Institute for the Commercialization of Public Research



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